Itanagar, Feb 14: The Arunachal Pradesh Industries Department has directed banks and district industries centres (DICs) to accelerate the processing of loan applications under the Pradhan Mantri Formalisation of Micro Food Processing Enterprises (PMFME) scheme, with a focus on reducing rejections and addressing pending cases.
In a review meeting chaired by Industries Commissioner Saugat Biswas, officials discussed the progress of the PMFME scheme and measures to streamline loan sanctions. Representatives from NABARD, the State Level Bankers’ Committee (SLBC), and several banks—including Rural Bank, Apex Bank, Canara Bank, Central Bank of India, Bank of Baroda, Punjab National Bank, Indian Bank, Axis Bank, ICICI Bank, and UCO Bank—participated in the discussions.
NABARD general manager, Damodar Mishra, proposed a mission-mode approach to resolve all pending applications by April 2025. Banks agreed to expedite the sanction process to ensure the scheme reaches more micro-food processing enterprises across the state.
So far, 62 loan applications have been sanctioned and disbursed across eight districts—Changlang, East Siang, Kamle, Lower Subansiri, Papum Pare (Yupia), Itanagar Capital Complex, Upper Subansiri, and West Siang. Most beneficiaries include youth and women engaged in food processing sectors such as spices, pickles, bakery products, noodles, areca nut, jaggery, and kiwi-based products.
The PMFME scheme provides a credit-linked capital subsidy of 35 percent, up to Rs ten lakh, for setting up and upgrading micro food processing enterprises, along with training and support. Officials emphasized the need for a coordinated effort between banks and DICs to ensure timely disbursement of loans and effective implementation of the scheme.